Empowered Funds LLC Boosts Position in Alcoa $AA

Key Points

• Empowered Funds LLC increased its Alcoa stake by 64.6% in the first quarter, ending with 118,039 shares valued at approximately $7.83 million. Institutional investors collectively own 82.39% of Alcoa.
• Alcoa recently reported quarterly EPS of $2.12, below the $2.25 analyst consensus, while revenue of $3.97 billion also slightly missed expectations. The stock opened at $45.31, well below its 52-week high of $84.38.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $61.09. Alcoa also declared a quarterly dividend of $0.10 per share, representing a 0.9% annualized yield.

Empowered Funds LLC boosted its stake in shares of Alcoa (NYSE:AA - Free Report) by 64.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,039 shares of the industrial products company's stock after buying an additional 46,332 shares during the quarter. Empowered Funds LLC's holdings in Alcoa were worth $7,830,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AA. Dimensional Fund Advisors LP increased its position in shares of Alcoa by 4.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,580,803 shares of the industrial products company's stock worth $615,428,000 after acquiring an additional 462,243 shares during the period. State Street Corp raised its stake in shares of Alcoa by 6.7% during the third quarter. State Street Corp now owns 11,458,529 shares of the industrial products company's stock valued at $376,871,000 after acquiring an additional 721,063 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Alcoa by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 6,655,655 shares of the industrial products company's stock valued at $389,621,000 after purchasing an additional 349,426 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Alcoa by 211.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company's stock valued at $332,338,000 after purchasing an additional 4,247,559 shares during the period. Finally, L1 Capital Pty Ltd grew its stake in Alcoa by 22.3% in the third quarter. L1 Capital Pty Ltd now owns 5,887,699 shares of the industrial products company's stock worth $193,646,000 after purchasing an additional 1,073,357 shares in the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

Alcoa Stock Performance

Shares of AA stock opened at $45.31 on Friday. The firm has a market cap of $11.96 billion, a price-to-earnings ratio of 9.32, a PEG ratio of 0.51 and a beta of 1.63. The company's 50 day moving average is $57.44 and its 200 day moving average is $61.49. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30. Alcoa has a 52-week low of $28.11 and a 52-week high of $84.38.

Alcoa (NYSE:AA - Get Free Report) last issued its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing analysts' consensus estimates of $2.25 by ($0.13). The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same period last year, the firm earned $0.39 EPS. On average, sell-side analysts anticipate that Alcoa will post 6.55 EPS for the current fiscal year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be issued a $0.10 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.9%. Alcoa's dividend payout ratio (DPR) is currently 8.23%.

Analyst Ratings Changes

Several research analysts have commented on AA shares. BMO Capital Markets reduced their price objective on Alcoa from $60.00 to $55.00 and set a "market perform" rating on the stock in a report on Friday, July 17th. Wall Street Zen upgraded Alcoa from a "hold" rating to a "buy" rating in a report on Saturday. UBS Group dropped their price target on Alcoa from $80.00 to $68.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. B. Riley Financial cut their price target on Alcoa from $92.00 to $80.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Finally, Morgan Stanley restated an "equal weight" rating and issued a $53.00 price objective (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $61.09.

Alcoa Company Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company's operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa's product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.

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